Monero (XMR), price has risen by up to 7% within 24 hours of network upgrade and hard fork August 13.
- XMR increases by more than 7% in the overnight hours before the weekend fork.
- Binance recently announced support for Monero’s hard fork or network upgrade.
- Crypto target $200 and then $217.
Historically, upgrades have always triggered a boost in XMR price.
It is believed that the altcoin has risen by as much as 65% in June, which suggests a solid price movement. The XMR market could even rise to $200 if there is a steady and sustained recovery.
Based on CoinMarketCapXMR is currently trading at $167.70 or 1.28%, as this writing.
The Monero Hard fork
With this upgrade rescheduled a lot of times, everyone is excited that it’s finally here. Monero will perform a hard fork in order to improve network performance, speed and wallet syncing capabilities, privacy, security, volatility, and prices.
Monero tweeted that the upgrade of network via hard fork would take place at block 2,688,888, August 13. More so, the privacy protocol has also officially rolled out Ledger Monero App v1.8.0 as well as the CLI & GUI v0.18.1.0 “Fluorine Fermi.”
Exchanges, merchants and services must run the v0.18 before the launch of network upgrades. This will ensure that XMR is available to all users.
Also, the ring size for the crypto has been increased from 11 to 16. This is to increase the security of all transactions made on the blockchain. Bulletproofs+ also targets to reduce transaction size and increase and speed up verifications up to 7%. Bulletproofs+ will also integrate vital security patches as well as multi-signature fix.
The view tags will increase wallet synch speed up to 40%. Additionally, the fees changes will significantly reduce volatility as well as improve security. This is a critical aspect of a blockchain.
Binance Backs Hard Fork
The hard fork has been supported by Binance, one the biggest and most popular crypto exchanges. Binance will instead hold all transactions, such as withdrawals or deposits of XMR on August 13, at 14:00 UTC.
Binance assured XMR HODlers, trades and traders that digital assets were highly secured. Transactions will be resumed after the hard fork upgrade.
Investors are worried about recent delays in the launch. It was worth it, as the price could shoot up to $200 and the next resistance will be at $217.
Overall, XMR is showing a strong bullish tendency and will continue to move green after and during the hard fork upgrades.
Source: TradingView.com| Source: TradingView.com Featured image by Phemex. Chart from TradingView.com